消息面上，11月24日，禾赛科技重磅发布基于RISC-V架构的激光雷达专用高性能智能主控芯片费米 C500，同时发布全球唯一"光子隔离"安全技术，和256线安全激光雷达ATX焕新版。目前，"光子隔离技 术"已全系搭载至禾赛ATX、ETX等主激光雷达，具备超越行业的安全性与可靠性，做到了物理层面的 极致"零误报"。 中金发布研报指出，公司是全球首家且唯一实现盈利的上市激光雷达公司，凭借芯片化技术等构建核心 护城河，多因素推动行业进入高速增长期。 该行预计，随着城市导航辅助驾驶(NOA)功能普及等，公 司2025、2028年中国车载激光雷达出货量分别突破300万台、1000万台，年均复合增长率为58%，机器 人领域成新增长极，海外市场静待爆发。 禾赛-W(02525)再涨超6%，截至发稿，涨6.12%，报156港元，成交额3648.96万港元。 ...

Investment Highlights - Company is a global leader in LiDAR solutions and has achieved profitability for the first time in Q4 2024, marking a significant milestone as the only publicly listed LiDAR company to do so [1] - The company has maintained the top position in global LiDAR revenue from 2021 to 2024, showcasing a leading market share [1] - Three competitive advantages include chip technology leadership, self-built automated production capacity, and extensive customer resources [1] Industry Growth Factors - The industry is entering a high-growth phase driven by the proliferation of urban NOA functions, the layout of L3, and decreasing LiDAR prices [2] - Expected shipments of automotive LiDAR in China are projected to exceed 3 million units in 2025 and 10 million units by 2028, with a CAGR of 58% [2] - The robotics sector, including applications like lawnmowers and logistics robots, is emerging as a new growth area [2] Financial Projections and Valuation - Earnings per share (EPS) are forecasted to be 2.33 CNY and 3.81 CNY for 2025 and 2026, respectively, with revenues of 3.1 billion CNY and 4.3 billion CNY [2] - The company is valued at 5.4x and 4.0x P/S for 2025 and 2026, respectively, with target prices of 182.5 HKD for H shares and 23.5 USD for US shares, indicating an upside potential of 53% and 52% [2]